Kuwaiti Vehicles Market in 2019 the market kept recovering with moderation. Full-year registrations in 2019 have been 114.605, growing (+6.6%) and the 2020 outlook is again moderately positive. Toyota held over 30% of market share while all other players stand well below.
Kuwait economic stagnated in Q3 according to recent data. The oil sector contracted sharply, due to over-compliance with OPEC+ production cuts. While this decline was broadly offset by a large expansion in the non-oil sector, the non-oil reading was flattered by a large variation in the taxes and subsidies adjustment used to calculate GDP, and underlying momentum was actually weaker.
Turning to Q4, the oil sector likely remained in the doldrums, as output was down year-on-year in both October and November. However, the non-oil sector likely fared better, thanks to healthy private-sector credit growth and a solid labor market.
Kuwait vehicles market hit the all-time record in the 2014 with 162.719 sales ending a long positive path.
However, the sudden economic crisis generated by the fall of oil price hit the sector with sales declined for three consecutive years. In the 2017, light vehicles sales have been 106.551.
In the 2018, according to data reported by the Kuwaiti Authority for Transportation, the market has finally changed mood breaking the falling trend and scoring a positive second half which allowed to the end the year with 107.534 sales, up a mere 0.9%.
In 2019 the market kept recovering with moderation. Indeed, Full-year registrations in 2019 have been 114.605, growing 6.6% from the previous year.
The market leader was – as always – Toyota with over 30% of market share and a wide gap over all followers.
The best challengers were Nissan Chevrolet and Kia with combined share at 24%.
Looking ahead, the introduction of VAT in the country, have been postponed to April 2021 and this would allow the market to keep recovering during the 2020.
After an uncertain period, characterized by sales fluctuations, the Kuwaiti Market is seen to be growing during the 2019-2025 period of time. However, volatile oil prices, easing global economic momentum and geopolitical tensions pose downside risks to the outlook.
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